This joint resolution proposes a constitutional amendment designed to impose strict controls on the United States' public debt and federal spending. The amendment stipulates that total government outlays shall not exceed total receipts at any given time, unless any excess is exclusively financed by debt issued in strict conformity with its provisions. It establishes an initial authorized debt limit set at 105 percent of the outstanding debt on the amendment's effective date. Crucially, any increase to this authorized debt limit beyond its initial amount would require a public referral by Congress to the legislatures of the several States, needing unconditional approval by a simple majority of state legislatures within 60 days. Furthermore, if outstanding debt exceeds 98 percent of the authorized limit, the President would be mandated to designate specific expenditures for impoundment to ensure compliance, with Congress having the option to designate alternate impoundments. The amendment also requires a two-thirds roll call vote in both Houses of Congress for any bill providing for a new or increased general revenue tax, with specific exceptions, and declares the article immediately operative and self-enforcing upon ratification.